(MENAFN) The economic advisor to the Indian Prime Minister, C. Rangarajan, adjusted his growth forecast for 2013 from 6.4 percent to 5.3 percent, Times of Oman reported.
The chairman of the Prime Minister's Economic Advisory Council said that the growth remains "respectable" and that global rating agencies should not downgrade the country.
"The rating agencies have been talking about the reforms being put on the backburner. That's no longer true. Much important legislation has been passed," Rangarajan said.
The country's account deficit can be lower than the set target of 3.7 percent of the gross domestic product (GDP) or USD70 billion. Last year, the account deficit made 4.8 percent of the country's GDP with USD88.2 billion.
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